Word of the Day

Commodity

Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.

What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)

So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.

Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.

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Thursday, July 03, 2008

Cellectis and Regeneron Sign an Agreement Over the use of Homologous Recombination Technology

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Comtex

BIOCITECH, France, Jul 03, 2008 (PR Newswire Europe via COMTEX) ----Cellectis SA today announced the signature of an agreement with Regeneron Pharmaceuticals, Inc. over the use of Cellectis' patents covering certain uses of homologous recombination for the generation of innovative human therapies, including the development of fully human monoclonal antibodies. As part of the agreement, Cellectis will receive an upfront of 12,450,000$ from Regeneron. In addition, Regeneron will invest in Cellectis' equity.

The agreement resolves a dispute between the two companies related to the interpretation of a license agreement entered into by and between Cellectis and Regeneron in December 2003 pursuant to which Regeneron licensed certain patents and patent applications relating to a process for the specific replacement of a copy of a gene in the receiver genome by homologous recombination. Pursuant to the agreement, Regeneron will make an up-front payment to Cellectis in the amount of $12,450,000. In addition, Regeneron will pay Cellectis a low single-digit royalty based on revenue received by Regeneron from any future licenses or sales of Regeneron's VelociGene(R) or VelocImmune(R) products and services. No royalties are payable with respect to Regeneron's VelocImmune license agreements with AstraZeneca UK Limited and Astellas Pharma Inc. or Regeneron's November 2007 collaboration agreement with sanofi-aventis. Moreover, due to other considerations in the agreement, no royalties are payable on any revenue from commercial sales of antibodies from Regeneron's VelocImmune technology.

Regeneron and Cellectis also entered into a Subscription Agreement pursuant to which Regeneron will acquire 368,301 ordinary shares of Cellectis, par value EUR 0.05 per share, at a price of EUR 8.63 per share, for a total of EUR 3,178,437.63. The subscription is contingent upon the prior approval of the board of directors of Cellectis and by the shareholders of Cellectis at an extraordinary general meeting to be held no later than October 30, 2008.

About the licensed patents:

The agreement relates to Institut Pasteur's patents covering certain uses of homologous recombination (US patents #6 528 313, 6 638 768 and 6 528 314, Japanese patents #3059481, #3298842 and #3298864 and European patents EP #419 621 and #682 112). As the exclusive licensee of these patents, Cellectis has access to the process of targeted integration of DNA sequences.

For further information, please contact: Cellectis S.A. David J.D. Sourdive, Ph. D
   VP Corporate Development Tel.: +33-(0)-1-41-83-99-00 e-mail: sourdive@cellectis.com http://www.cellectis.com Alize Public
   Relations Caroline Carmagnol Tel.: +33-(0)-6-64-18-99-59 e-mail: caroline@alizerp.com

For further information,
   please contact: Cellectis S.A., David J.D. Sourdive, Ph. D, VP Corporate Development, Tel.: +33-(0)-1-41-83-99-00, e-mail:
   sourdive@cellectis.com, http://www.cellectis.com. Alize Public Relations, Caroline Carmagnol, Tel.: +33-(0)-6-64-18-99-59,
   e-mail: caroline@alizerp.com

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